Customers Bancorp (NYSE:CUBI) Price Target Raised to $92.00 at Morgan Stanley

Customers Bancorp (NYSE:CUBI) had its price target raised by equities research analysts at Morgan Stanley from $90.00 to $92.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price points to a potential upside of 33.14% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen cut Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. Stephens downgraded shares of Customers Bancorp from an “equal weight” rating to an “underweight” rating and set a $71.00 price objective for the company. in a research report on Friday, February 6th. Raymond James Financial reiterated a “strong-buy” rating and issued a $95.00 target price on shares of Customers Bancorp in a research note on Tuesday, January 6th. Zacks Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 26th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $88.00.

Customers Bancorp Stock Up 2.5%

Customers Bancorp stock traded up $1.66 during midday trading on Monday, reaching $69.10. The stock had a trading volume of 92,965 shares, compared to its average volume of 383,566. The stock has a market capitalization of $2.36 billion, a P/E ratio of 11.15 and a beta of 1.66. The firm’s fifty day simple moving average is $75.52 and its 200-day simple moving average is $70.54. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp has a 1-year low of $40.75 and a 1-year high of $82.56.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.02. The business had revenue of $236.90 million during the quarter, compared to the consensus estimate of $200.38 million. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. During the same quarter last year, the firm earned $1.36 earnings per share. As a group, analysts expect that Customers Bancorp will post 6.45 EPS for the current fiscal year.

Customers Bancorp announced that its board has initiated a share buyback plan on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to buy up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 128,185 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the transaction, the chief executive officer directly owned 790,031 shares of the company’s stock, valued at approximately $54,851,852.33. This trade represents a 13.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Arax Advisory Partners lifted its position in Customers Bancorp by 218.9% during the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Customers Bancorp in the 3rd quarter valued at approximately $29,000. Jones Financial Companies Lllp acquired a new stake in shares of Customers Bancorp during the 1st quarter worth approximately $37,000. Transamerica Financial Advisors LLC boosted its position in shares of Customers Bancorp by 216.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after acquiring an additional 404 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Customers Bancorp by 63.1% in the third quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock valued at $44,000 after acquiring an additional 260 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.